Tata Projects, a Tata Group company focused on engineering, procurement, and construction, has secured over 120,000 square feet of office space in Mumbai’s Powai area. This space will serve as its headquarters and can accommodate approximately 1,000 employees. The office is located in the Cignus Powai commercial tower, developed by K Raheja Corp’s Chalet Hotels.
The lease agreement spans five years, with Tata Projects committing to pay nearly ₹86 crore in rent over the lease period. The office space covers two floors initially, but the company may consider expanding further by acquiring an additional floor. The lease agreement includes a lock-in period of three years and standard rental escalation clauses.
India’s commercial real estate market is evolving to meet the changing needs of companies, driven by infrastructure growth and evolving workplace dynamics. The demand is shifting towards newer, high-quality assets developed by established developers and institutional landlords, offering amenities that prioritize employee well-being and work-life balance.
Cignus Powai, where Tata Projects has leased its office space, is a single commercial tower with 750,000 square feet of office space spread across 16 floors. It is situated adjacent to The Westin Mumbai Powai Lake, a five-star hotel, and Marriott Executive Apartments. The development is part of a larger mixed-use project by Chalet Hotels, being developed and leased by K Raheja Corp’s commercial business.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
